Home Selling in 78660>Question Details

Mudd23, Home Seller in 78660

looking for agent to help Sell or short sell of 8 properties. Short sell procedures? Mortgage payments go up when property values fall?

Asked by Mudd23, 78660 Tue Jul 27, 2010

Properties all in Pfluggerville Texas. Investment properties currently 7/8 are rented and occupied.

Help the community by answering this question:


Dear Mudd23, I understand your situation and can relate to your job search problems, declining savings, etc.! Could we get together to go through the different properties and figure out a game plan? You may have other options, or we can get the process going quickly. I am willing to answer any of your questions and the consultation is at no obligation or cost to you. I can also help with the tax valuation (Zillow is not necessarily an accurate depiction of property value. It is best used as a gauge.) I can explain further if you like.
0 votes Thank Flag Link Fri Aug 13, 2010
Mudd, can you send me your contact info (email or phone). I think it would be beneficial for all involved to communicate directly rather on this site.


Guy E. Gimenez
Investor / Broker
0 votes Thank Flag Link Sun Aug 8, 2010
Thanks Mudd23....I look forward to reviewing the info to determine if one or more of the properties might fit into my investment portfolio.

Guy E. Gimenez
Investor / Broker
0 votes Thank Flag Link Thu Jul 29, 2010

It looks like you have two options. One is to attempt to list the properties and the other is to attempt a short sale on some or all of them. As I stated before I would be happy to assist you. I would be willing to reduce my fees in an effort to help you sell as many of the homes as possible without having to do a short sale. After a detailed market analysis we could determine what you owe and what a reasonable sales price could be supported by the current market conditions. It is possible we could list all of your homes and sell them allowing you to avoid a short sale.

While attempting this I have several investors who will also, with your permission, talk directly with your lenders in an attempt to agree upon a sales price for purchase. This options typically takes about 60-90 days to complete.

If you would like to talk in greater detail about this please let me know.

Don Groff
REALTOR | Mortgage Broker
0 votes Thank Flag Link Thu Jul 29, 2010
Hi Guy and other Realtors,

I am putting together some numbers per request.

0 votes Thank Flag Link Wed Jul 28, 2010

I am responding to someone who asked me why I can't afford these properties.

I have been responsible and have not been late on my payments, however because I got laid off 2 years ago I can no longer absorb the neg cash flow. I used to get paid $100k+ but I haven't been able to find a job since...I have not been lazy and it's been a nightmare. I have used up all of my savings to maintain these properties.

Also, if someone here can help me out with this I will be grateful. The reason my neg cash flow goes up is because my property taxes keep going up even though the values are going down. The properties are great and 7/8 are rented out, but the property taxes are hurting me. I searched zillow and the values seem to be holding but people say I cannot sell for what it is worth.

Thanks Everyone.
0 votes Thank Flag Link Wed Jul 28, 2010
Hello Mudd 23,

We would welcome the opportunity to quickly sell your properties. We work with an Investor and also have experience in short sales.

Kindly provide a few details to begin the process.

Best regards,

Mattye P. Smith

Beam Real Estate
0 votes Thank Flag Link Wed Jul 28, 2010
I can assist you if you are still in need. I would need additional property details such as the lenders being used on these properties. I have had successful short sales with all of the major lenders like BofA, Chase and Wells Fargo.
0 votes Thank Flag Link Wed Jul 28, 2010
Mudd just a question when you are at a 87% occupancy rate how can you not make your payments? You should have 3 units worth of rent left over every month if you bought properly.
0 votes Thank Flag Link Wed Jul 28, 2010

When you have time, shoot me an email with the specifics (addresses, rent amounts, property condition, amounts owed, etc.) and I'll see if I'm interested in them for personal investment purchase. If not, I can at least give you some direction on the process ins and outs.

Guy E. Gimenez ABR, CRS, GRI
Broker / Owner / Investor
The PowerHouse Group
CMG Group, LLC
512-507-5864 p
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Tue Jul 27, 2010
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